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How to buy a home during the Covid-19 pandemic | blog

I'm becoming a first time homebuyer – and yes, I'm buying my first home in the midst of the coronavirus pandemic. My biggest concern, of course, was how to maintain a safe social distance while touring various charts; My biggest shock was how quickly some of these listed homes went off the market. Even though I did not get the first home I made an offer, I got the second – and we close at the end of the month.

My experience of buying a home is not unique. I reached out to several real estate professionals to ask them how coronavirus affected the household; they talked about the importance of wearing masks, the emergence of the virtual homecoming and our current red hot housing market. If you want to buy a house while COVID-1

9 is still active, you must be prepared to view properties over Zoom, get your mortgage pre-approval letter as soon as possible and make a purchase decision within a few days, if not hours. [19659002] Here's what you need to know before starting your own coronavirus home sales process – and what I wish I had known before I started mine.

In this article:

Home Tours Go Virtually

"The biggest change has been using virtual tours and viewings," says Kimberly Ann Zeidner, Real Estate Agent at Real Living Real Estate Solutions in Orlando, Florida. my photographer to do 3D tours so buyers can "walk" through the home without ever setting foot. For buyers, I do Zoom or Facebook Messenger video shows where I walk them through the home and they can ask questions in real time. "

James Judge, a real estate agent in Phoenix, Arizona who shows home renovations on Instagram at @thehousejudge, recently sold two homes via FaceTime. "Sellers prefer that," he explained. "Smaller people walk through their house."

The judge still offers traditional, socially distant home tours, although he tries to limit them to vacant homes and lists.If the home is occupied, especially by a family with young children, he encourages buyers to tour via FaceTime instead.His two latest FaceTime Buyers did almost everything until the home inspection phase – which meant they both made offers on houses they had only seen through a screen.

Pre-approval is more important than ever

If you're considering buying a home – or even with the idea of ​​touring one over Zoom – it's a good idea to get your pre-approval letter in place as soon as possible. "Most agents usually try to get their buyers pre-approved before making offers in an attempt to avoid disappointment or obstacles during a transaction "This procedure is not new. What has changed is the number of salespeople who demand it," says Adrienne Allen, a Homie broker in Las Vegas, Nevada ver it before their home even appears.

Andrina Valdes, COO of Cornerstone Home Lending, Inc. in San Antonio, agrees. "Getting an early loan approval – taking it beyond initial pre-qualification – is a big deal right now for many buyers who want to get attention in a competitive market."

Requiring a pre-approval letter before showing a house helps weed out buyers who are not serious about buying a new home and allows agents and sellers to minimize contact with people who are unlikely to make an offer. Securing the pre-approval letter in advance also ensures that all buyers who begin the home purchase process have the ability to go all the way to closing. "Having an early loan approval can help your offer look more serious and stand out among several bids," advises Valdes.

If you are planning to buy a house in 2020, try to get your prior approval before you start booking tours – even virtual ones.

"Having an early loan approval can help your offer look more serious and stand out among several bids."

—Andrina Valdes, COO of Cornerstone Home Lending, Inc.

Buyers need to make decisions quickly

The real estate market is very hot right now – and buyers need to be prepared to make decisions in a very short amount of time. "Here in Orlando, homes are under contract for as short as a few hours or a few days," Zeidner said.

Lukasz Kukwa, a real estate consultant at Coldwell Banker Residential Brokerage in Westfield, New Jersey, noted that a combination of factors including tighter lending guidelines, limited home inventory and historically low mortgage rates has created a seller market: “Increased competition for housing and quality buyers The market has created a smaller pool of buyers who now compete with each other in multiple bidding scenarios. This makes houses sell faster, at higher prices with more offers and favorable conditions for the sellers.

Some of these factors, such as the economic fluctuations that led to lower interest rates and tighter lending requirements, are directly related to the coronavirus. On the other hand, the relatively low number of homes on the market was an issue before the COVID-19 pandemic began (in fact, a low inventory was one of Realtor.com's housing market forecasts for 2020). More people want to buy than want to sell today – which means that if you want to buy a house this year, you must be ready to make a competitive offer as soon as possible.

Be prepared to wear a mask

Here is one last tip on home sales of coronavirus, even if it almost goes without saying: If you want to buy a house right now, be prepared to wear a mask during each personal interaction. "Masks are an absolute must," Allen told us. She also explained that buyers should be prepared to drive their own vehicles or find their own transportation for personal trips home. Before the virus, it was common for agents to tour buyers around in their own vehicles. However, due to the virus and the need for social distancing, agents ask their buyers to meet them on the properties instead of driving them around.

Kukwa also calls for masks to be worn at all personal exhibitions and takes coronavirus prevention a step further: "Before even showing the home, buyers and their agent must sign a COVID-19 Hold Harmless Form and reveal if they have been exposed or in contact with someone who has been exposed to the virus in any way.

What if you do not want a mask? Heather Wilson, a real estate agent with Property Managemently, states that you may not get that far in the homebuying process. “We had a very interesting situation where a home buyer was really interested in a home and wanted a physical tour of it but was dead on not wanting to wear a mask. The homeowner had said that it was a requirement for a tour to wear a mask. Of course, that tour never happened.

I plan to wear a mask to my home close, and to any retailers or furniture stores I need to visit to set up my new home – but I also plan to do as much online shopping as possible to minimize face against face. (My current shopping list includes the application for a term life insurance, which is very easy to do online, so my loved ones will be financially protected from the burden of my mortgage if something happens to me.) I will continue to wear masks in public and practice at a good social distance when I pack, move and put the new home in order – and one day, when the coronavirus pandemic is no longer a threat to public gatherings, I hope to throw an incredible house heating party.

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Haven Life is a customer-centric life insurance company backed and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and general well-being can be refreshingly easy.

Our Editorial Policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and general well-being can be refreshingly easy.

Our content is created for educational purposes only. Haven Life does not support the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.

Haven Life does not have the right to provide tax, legal or investment advice. This material is not intended to provide and should not rely on tax, legal or investment advice. Individuals are encouraged to seek advice from their own taxes or attorneys.

Our disclosures

Haven Term is a term life insurance policy (DTC and ICC17DTC in some states, including NC) issued by the Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and is offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a simplified life insurance policy (ICC19PCM-SI 0819 in certain states, including NC) issued by C.M. Life Insurance Companies, Enfield, CT 06082. Police and rider form numbers and functions may vary depending on permit and may not be available in all states. Our California agency license number is OK71922 and in Arkansas 100139527.

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